- For Sale $18,750,000
- Property Type Multi-Family
- Property Size 45,192 SF
- Lot Size 0.24 Acre
- Building Class C
- Year Built 1920
- Date Updated Sep 20, 2022
We are offering an opportunity topurchase two extremely well maintained buildings in East Harlem just north of the Upper East Side. 315 East 108th Street is a 6-story elevator building while 321 East 108th Street is a 6-story walkup building. The property is conveniently located near the 96th Street and 116th Street retail corridors, with future plans for the 2nd Avenue subway extension.
- Asking a 5.56% cap rate or a 9.9X GRM allowing for a buyer to get 65%+ financing with the ability to build to a 6% cap rate simply with conservative rental increases.
- Free market rents are still 15% below market and stabilized rents are 40% below market allowing for future upside potential at an attractive basis of roughly $400 per square foot
- 64% or 53 out of 83 apartments are statutorily free-market allowing a new owner to capitalize on upwards rental growth pressure
- There are $144,715 in annual preferential rents allowing for a new ower to capitalize on rental increases upon a unit turnover
Want more info on this listing?
Reach out to the broker for more info on lease terms and amenities
Attachments
False
Contacts
Seth Glasser
Marcus Millichap || New York Multifamily
Benny Katz
Marcus Millichap || New York Multifamily
Michael Fusco
Marcus Millichap || New York Multifamily
(212) 430-5281
Location
Getting Around
-
Walk Score ®
Walker's Paradise (98) -
Transit Score ®
Rider's Paradise (100) -
Bike Score ®
Very Bikeable (82)
- City New York, NY
- Neighborhood East Harlem
- Zip Code 10029
- Market Manhattan
Points of Interest
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110th Street & Lexington Avenue at Southeast Corner
0.29 miles
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110th Street & Lexington Avenue at Northeast Corner
0.30 miles
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110th Street
0.30 miles
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110th Street & Lexington Avenue at Southwest Corner
0.31 miles
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110th Street & Lexington Avenue at Northwest Corner
0.31 miles
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103rd Street
0.39 miles
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East 103rd Street & Lexington Avenue at Southeast Corner
0.40 miles
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East 103rd Street & Lexington Avenue at Southwest Corner
0.41 miles
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East 116th Street & Lexington Avenue at Southeast Corner
0.47 miles
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East 116th Street & Lexington Avenue at Southwest Corner
0.48 miles
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Mobil
0.15 miles
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Shell
0.43 miles
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Shell
0.47 miles
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BP
0.56 miles
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BP
0.86 miles
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plugNYC
1.12 miles
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ChargePoint
1.18 miles
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Shell
1.50 miles
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BP
1.61 miles
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Citgo
1.73 miles
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Edison ParkFast
0.17 miles
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MPG
0.51 miles
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East River Plaza Garage
0.51 miles
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Mount Sinai
0.65 miles
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Astor Terrace Parking Garage
0.76 miles
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Knickerbocker Plaza Car Park
0.84 miles
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Parking Lot E
0.94 miles
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Parking Lot F
1.05 miles
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Quik Park
1.08 miles
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Astoria Park Parking
1.31 miles
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Piatto d’Oro
0.07 miles
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Las Panteras Negras
0.07 miles
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Papa John's
0.07 miles
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No Pork Kitchen
0.10 miles
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La Nostra
0.11 miles
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Quesadillas Doña Mary
0.12 miles
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Ricardo Steak House
0.13 miles
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Tastings NYC
0.13 miles
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Triple A1
0.15 miles
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Mountain Bird
0.15 miles
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Saint Ann School
0.07 miles
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Esperanza Preparatory Academy
0.10 miles
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Public School 83
0.14 miles
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Public School 168
0.20 miles
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Park East High School
0.22 miles
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East Harlem School at Exodus House
0.26 miles
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Public School 101
0.38 miles
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Our Lady of Mount Carmel School
0.40 miles
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Manhattan Center for Science and Mathematics
0.43 miles
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Middle School 224
0.45 miles
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Friends & Family Daycare
0.32 miles
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Sunshine Learning Center
0.45 miles
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Preschool of America
0.64 miles
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Playhouse Prep
0.81 miles
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Arc En Ciel
0.82 miles
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Park West Montessori School
1.15 miles
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Astoria Child Daycare
1.27 miles
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Upper Valley Preschool
1.45 miles
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Kid Krazy
1.56 miles
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Purple Circle Early Childhood Program
1.58 miles
